“US government can't go bankrupt because we can print our own money,” says Biden Administration
Bitcoin gains attention as a hedge against government spending.
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In a documentary released today, titled “Finding the Money,” Jared Bernstein, Chair of the Council of Economic Advisers and a key advisor to President Biden on economic policy, made controversial comments about the US government’s ability to print money.
“The US government can’t go bankrupt because we can print our own money,” said Bernstein.
His remarks have reignited discussions about the role of Bitcoin in an era of unprecedented government spending and debt.
This is terrifying.
This is the Chair of the Council of Economic Advisers, the agency providing the President with economic advice on domestic and international economic policy.
Has no idea WTF he is talking about.
Credit to @DylanLeClair_ pic.twitter.com/iaDhiNy2K7
— The Wolf Of All Streets (@scottmelker) May 3, 2024
During the documentary, which explores government funding, spending, and national debt, Bernstein struggled to articulate his understanding of the economy, stating:
“the government definitely prints money and it definitely lends that money, which is why the government definitely prints money, and then it lends that money by selling bonds. Is that what they do? Yeah, they sell bonds. Yeah, they sell bonds. Right. Because they sell bonds and people buy the bonds and lend them the money.”
Bernstein’s comments have drawn criticism from experts who argue that his understanding of government debt and money printing is overly simplistic and potentially dangerous.
The debate has brought Bitcoin back into the spotlight. Bitcoin advocates argue that the digital currency’s fixed supply, capped at 21 million coins, makes it a potential hedge against government money printing and inflation.
Bitcoiners contend that as governments continue to accumulate debt and resort to money printing to finance their spending, Bitcoin’s independence from central bank policies could make it an attractive alternative for investors seeking to protect their wealth.
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